By Fareed Zakaria
The Obama campaign’s attack ad about Bain Capital presented a simplistic picture of a complicated reality. Private-equity firms can play a crucial role in keeping companies competitive. And although some firms have engaged in some bad practices, on the whole the industry has grown so large because it performs a useful function. But the worst part about the ad was that it had little to do with America’s challenges or Obama’s policies.
By contrast, Mitt Romney’s first major ad is substantive — and wrong. He tells us that on his first day in office — after approving the Keystone XL pipeline — he will “introduce tax cuts . . . that reward job creators not punish them.” The one idea that is almost certain not to jump-start this economy is a tax cut.
Why can we be sure of this?